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Post by Deleted on May 9, 2016 18:56:33 GMT -5
reverselo, I hope you are right but I remember saying this about $2.00. Man, this is a rough and tough game. I am in so far that I will be a "long" past my personal "sell by date." I hope my heirs have a sense of humor. I think that I am pretty hard on MNKD. I think this was the right move. 108,000 shares traded in AH. I would bet most are retail. I really believe a secondary offering will be a friend to MNKD bc of the high short interest. We will see tomorrow morning. |
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Post by capnbob on May 9, 2016 18:58:13 GMT -5
Why is this happening to us? 45 minutes after CC ends? I feel sick.... Some pretty big balls on Matt. I am sitting here posting about not making it sound like we have a deal closed and the other day I was saying he needs to be a little deceptive to deal with shorts not share holders lol BK off the table. Not sure why people sell on this news. The stock price will go up the day its bought, no? I have a feeling we will see people cover. I am a buyer after the over reaction tomorrow "The stock price will go up the day its bought, no?" The way I read it, the offering is already done to the "select investors." The question becomes one about the effect of them selling or selling short to hedge. They effectively have 100 million shares to play with. That's a lot of shares. |
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Post by sccrbrg on May 9, 2016 19:00:32 GMT -5
I'd like to know who the "select institutions" are.
The way this has gone down, that phrasing says toxic financing to me.
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Post by Deleted on May 9, 2016 19:04:27 GMT -5
Some pretty big balls on Matt. I am sitting here posting about not making it sound like we have a deal closed and the other day I was saying he needs to be a little deceptive to deal with shorts not share holders lol BK off the table. Not sure why people sell on this news. The stock price will go up the day its bought, no? I have a feeling we will see people cover. I am a buyer after the over reaction tomorrow "The stock price will go up the day its bought, no?" The way I read it, the offering is already done to the "select investors." The question becomes one about the effect of them selling or selling short to hedge. They effectively have 100 million shares to play with. That's a lot of shares. I thought May 12th |
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Post by Deleted on May 9, 2016 19:05:02 GMT -5
I'd like to know who the "select institutions" are. The way this has gone down, that phrasing says toxic financing to me. Probably which ever fund is short 50 million shares kidding of course |
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Post by uvula on May 9, 2016 19:09:54 GMT -5
Would GS have had to stop covering the stock if they were part of today's offering?
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Post by therealisaching on May 9, 2016 19:10:45 GMT -5
I just listened again to the webcast. Picking up at the 11:30 mark Matt says the international deals won't fit the timeline for financing and therefore...........
Then the pause. It's as though the ink wasn't even dry on the offering and he was about to explain then someone gave him the cut sign.
Matt is going to have to give a big mea culpa and B of A this week and explain the rationale the way he should have today.
I think many of us would have swallowed this better with an appropriate explanation. Mnkd is illiquid with $27mm of cash on hand and $25 of this is restricted by loan covenants. So the offering makes sense, the way it was handled was off putting to say the least
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Post by agedhippie on May 9, 2016 19:12:36 GMT -5
Would GS have had to stop covering the stock if they were part of today's offering? No, it's different divisions. |
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Post by therealisaching on May 9, 2016 19:26:33 GMT -5
Also listen again at the 18:30 mark to the question from RBC. Matt talks about the international partnerships being their primary goal but they can't wait forever so if they have to do a small equity offer they will do so.
At at this point he hedges on timing due to whatever snafu hit as the call was taking place.
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Post by cjc04 on May 9, 2016 19:49:27 GMT -5
--- I really don't understand all the bashing of Matt,, this guy has been handed a S?&T storm courtesy of Hakan & and the late great Al. It's easy to give up in life, he's clearly scrambling for every second of life for this company. --- at this point, it seems pretty clear to me, the only ones who believe in Afrezza are MNKD (Matt). I said before that I pray that all this maneuvering was cover for a buy out. Those who were happy SNY left and MNKD was going alone got what you asked for...... There are no partners to save us (it says right in the filing that a int. partner will not bring in any $$$). It all comes down to, CAN THEY SELL AFREZZA?  ? --- yea, this share offering is great if it's an easy out for shorts. I don't give a F@K is they get squeezed or not, I just want them gone... BUT, since when do shorts cover??? They are fully invested in Afrezza being a Failure, and there will be NO substantial covering until they're proven wrong. --- I was really hoping for a few magic tricks thru the month of May leading into the ADA, to get the sp up so I could take some off the table. But it looks like I'm all in until we see if MNKD can sell it alone. This is the absolute definition of desperation. |
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Post by agedhippie on May 9, 2016 19:53:25 GMT -5
Also listen again at the 18:30 mark to the question from RBC. Matt talks about the international partnerships being their primary goal but they can't wait forever so if they have to do a small equity offer they will do so. At at this point he hedges on timing due to whatever snafu hit as the call was taking place. That's the charitable version. The alternative version is that he realizes as soon as he mentions the equity offering that the next question is going to be the timeframe - he cannot flatly lie on a conference call and saying that actually we have already done it will not sound good, so he hedges. There is a third version, and that is that if he was better at his job he would not have mentioned the equity offering at all and only put out the PR on the 12th when the deal closed. |
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Post by tayl5 on May 9, 2016 19:55:10 GMT -5
No matter how you slice it the timing was terrible. I can believe things didn't turn out the way Matt expected. I can believe that something came up during the call that made him do an awkward pause and pivot. But unless that something was a gun to his head I have to think this deal could have waited a few weeks. A warm-up warning at the B of A, then announce the deal, then offer soothing words at the Shareholders Meeting. Maybe he had to do it but the optics didn't have to be so bad.
I can only think that Matt was hoping a deal removing the immediate threat of bankruptcy would be better than going in with nothing. When nothing looked like all he would have, he talked Plan B but maybe Plan A (the dilution) was already in motion, or he triggered it right after the call when it suddenly became possible. It would be fascinating to know if someone on the short side was masterfully executing at Matt's expense or if it was just things randomly going to hell for him.
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Post by mbseeking on May 9, 2016 19:57:50 GMT -5
It has been interesting how light the volume has been the past week or so. Like the institutions were sitting out for some reason. For the first time in the couple of years the relentless shorting seemed to have abated. And now this dilution , at a $1 number. What a strange number with such GS overtones. Have always wondered , as have many, how the shorts might exit. Here , indeed, is one way for a good chunk of them to get out. Would this be collusion, another rigged event?
I shock myself when I say: maybe not. The shorts hypothesis only worked if BK is firmly on the table. Well its not. MNKD can still trade. Yes its a new, seemingly ugly model. But they can still trade. And I tell you, the plan coverage is going up. The copays are going down. If the Longs hypothesis is valid, and this new insulin delivery will sell at a comparable price then the smart shorts will exit.
I'm so glad SNY is out. I 'm glad Matt will do whatever has to be done to keep MNKD operating. Here's a guy suffering terrible issues with his retina and he is doing what is necessary for MNKD to continue.
This evening I just see grit.
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Post by anderson on May 9, 2016 19:59:38 GMT -5
I'd like to know who the "select institutions" are. The way this has gone down, that phrasing says toxic financing to me. Probably which ever fund is short 50 million shares kidding of course I hope one of the "select institutions" is the Al Mann foundation. I also hope it buys the majority of the offering. It could then exercise warrants throughout the year when MNKD needs some cash. Just wishful thinking. |
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Post by mnkdfann on May 9, 2016 20:23:01 GMT -5
Probably which ever fund is short 50 million shares kidding of course I hope one of the "select institutions" is the Al Mann foundation. I also hope it buys the majority of the offering. It could then exercise warrants throughout the year when MNKD needs some cash. Just wishful thinking. Actually, wasn't there news AH that the Mann Foundation gave notice it was considering SELLING shares? I hope I do not sound like a FUDSTER, as I am pretty sure I read that on this board or on one of the SEC filings posted AH. I'm sure someone else here remembers where it was. Please post a link if you do. |
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